PRESS RELEASE HURUN GULF SELF-MADERICH LIST 2018
WITH61% OR 22BILLIONAIRES UAE LEADS GULF SELF-MADE BILLIONAIRES LIST, FOLLOWED BY SAUDI ARABIA (9) AND OMAN (3)
HURUN REPORT FINDS 36 SELF-MADE BILLIONAIRES IN THE GULF, UP 9
WITH US$11BN, MAJID AL FUTTAIMIS RICHEST SELF-MADE INDIVIDUAL IN GULF
DUBAI (16)CAPITAL FOR GULF SELF-MADE BILLIONAIRES, FOLLOWED BY RIYADH(5) AND ABUDHABI (5)
RETAIL, HEALTHCARE AND FINANCIAL SERVICES ARE INDUSTRIES OF CHOICE
10NEW FACES, LED BYSUHAIL BAHWAN (79) OF SUHAIL BAHWAN GROUP
36% FROM INDIA; 17IMMIGRANT BILLIONAIRES, LED BY 13FROM INDIAAND 2 FROM UK
2 INDIVIDUALS UNDER 40 YEARS AND 5 ABOVE 80 YEARS, AVERAGE AGE IS 65 YEARS SAME AS LAST YEAR
WORLD’S LARGEST RICH LIST PROVIDER RELEASES HURUN GULF SELF-MADE RICH LIST 2018
(27 March 2018, Dubai) Hurun Report today released the Hurun Gulf Self-Made Billionaires 2018, a ranking of the richest individuals from the Gulf States of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. This is the second year of the ranking and is a sub list of the Hurun Global Rich List, released on 28 February.
Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said, “Self-made entrepreneurs in the Gulf are growing fast. Almost half the self-made billionaires residing in the Gulf, are immigrants, especially from India, who have settled here.”
Table 1: Top 10 Hurun Gulf Self-Made Rich List 2018
Rank / Name / Net Worth US$Bn / Main Company / Age / Country of Residence1- / Majid Al Futtaim / 11 / Majid Al Futtaim Holding / - / UAE
2- / Mohammed Al Amoudi / 7.8 / Corral Petroleum / 71 / Saudi Arabia
3- / Mohamed Bin Issa Al Jaber / 6.2 / Mbi International / 58 / Saudi Arabia
4↑ / Micky Jagtiani / 5.5 / Landmark / 66 / UAE
5↓ / MA Yusuff Ali / 5 / Lulu / 62 / UAE
6↑ / Hussain Sajwani / 4.3 / Damac Properties / 64 / UAE
7* / Suhail Bahwan / 3.7 / Suhail Bahwan Group / 79 / Oman
7- / Abdullah Al Rajhi / 3.7 / Abdullah Al Rajhi / 88 / Saudi Arabia
9* / BR Shetty / 3.6 / NMC Healthcare / 75 / UAE
10* / Ravi Pillai / 3.5 / RP Group / 64 / UAE
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute 2018
Largest Shopping mall operator and Middle East operator of French retailer CarrefourMajid Al Futtaim, of Majid Al Futtaim Holdings (US$11bn) is the richest self-made individual in the GCC, on the back of revenue of US$8.7bn and profits of US$1.14bn last year. Founded in 1992, Al Futtaim owns and operates 17 shopping malls with one million square meters of gross leasable area, 56 hypermarkets and 53 supermarkets, 11 hotels, 9 cinema locations with 92 screens, 16 Magic Planet sites and 45 fashion stores across 12 countries.
With US$7.8bn, Mohammed Al Amoudi, 71, an Energy and Investment magnet Ethiopian born business man who holds both Saudi and Ethiopian nationalitymade to the 2nd position. Al Amoudi migrated from Ethiopia to Saudi Arabia in hislate teens. He built his fortune in construction and property before diversifying into the downstream energy sector.In November 2017 Al Amoudi was detained along with 11 princes and 38 current and former officials for charges of corruption.
Hospitality magnateMohamed Bin Issa Al Jaber, 58, of MBI, has wealth of US$6.2bn, grabs the third place. MBI Group is an investment company operating in the hospitality, real estate, finance and oil and gas industries across Europe and the Middle East. He has a chain of luxury and budget hotels in Europe and Asia through JJW Hotels and Resorts.
Micky Jagtiani, 66, is an Indian-origin retail tycoon based in Dubai and the owner of retail chain Landmark groupholds the 4th place with US$5.5bn.Landmark Group has2,200 outlets across 21 countries.Jagtiani started his business with baby products and then expandedinto fashion, electronics, furniture and budget hotels in Middle East and Southeast Asia.
MA Yusuff Ali, 62, of Lulu group is an Indian migrant residing in Abu Dhabiis at 5thwith a net worth of US$5bn. His Lulu Hypermarket chain has 124 locations across the Gulf, India and Egypt. He made the headlines for buying Scotland Yard in London for US$171mn and is developing it into a 92,000 square foot hotel. He has invested US$1.3bn in India to build hotels, malls and convention centres.
With US$4.3bn, Hussain Sajwani, 64, is in 6th place. He is the founder of real estate development companyDAMAC Properties, one of the largest property development companies in Middle East. Sajwani started his entrepreneurial journey by setting up a catering company Global Logistics Services and turned it into real estate business when the Dubai government eased restrictions on property purchases by foreigners. Sajwani has teamed up with Donald Trump to develop two Trump-branded golf courses in Dubai.
Suhail Bahwan, 79, is in 7th place with a net worth of US$3.7bn. Suhail Bahwan is the founder and chairman of Suhail Bahwan Group, growing to become the richest self-made Omani in the world. The group is a major producer of fertilizers, manufacturing over 1.4 tons of urea annually.
Islamic banking tycoonAbdullah Al Rajhi, 88, with a net worth of US$3.7bn, is the chairman of Al Rajhi Bank, which he co-founded with his three brothers. The Saudi Arabian bank is the world's largestIslamic bankby capital and it has over 600 branches.
With a net worth of US$3.6bn, B.R Shetty,75, founder of Abu Dhabi based NMC Healthcare and UAE Exchange is at 9th rank. Shetty started building his empire in 1975 was initially interested in hospitals and then diversified into pharmaceuticals, financial services, retail, advertising and information technology. He is planning to produce the most expensive Indian movie based on the epic Mahabrata with a whopping US$200mn budget.
Construction tycoonRavi Pillai, 64, the chairman of RP Group of Companies is at 10th rank with a net worth US$3.5bn. Born into a family of farmers he started with sub-contracting work and moved to Saudi Arabia in 1978 to set up Nasser Al-Hajri Corporation. The industrialization of Saudi Arabia and the construction boom in the Middle East fuelled Pillai’s wealth creation.
Where they live.
By country, UAEtops the list with 22 billionaires, followed bySaudi Arabia with 9and Oman with3. Transparent rules and regulations in UAE compared to other GCC countries attract more investments.
Table 2: Gulf Self Made Billionaires by Country
Country / GCC Self Made billionaires / Change / Richest Person / Wealth (US$Bn)1- / UAE / 22 / +6 / Majid Al Futtaim / 11
2- / Saudi Arabia / 9 / +1 / Mohammed Al Amoudi / 7.8
3- / Oman / 3 / +1 / Suhail Bahwan / 3.7
4- / UK / 1 / 0 / Mahdi Al-Tajir / 1.8
4* / Qatar / 1 / +1 / Faisal Bin Qassim Al Thani / 1.2
- No Rank change yoy * New to Top 5
Source: Hurun Research Institute 2018
By city, Dubai leads with 16 billionaires, followed by Riyadhand Abu Dhabiwith 5 billionaires each. Majid Al Futtaimfrom Majid Al Futtaim group is therichest man in Dubai.
Table 3: Gulf Self Made Billionaires by City
City / GCC Self Made billionaires / Change / Richest Person / Wealth (US$Bn)1- / Dubai / 16 / +4 / Majid Al Futtaim / 11
2↑ / Riyadh / 5 / 0 / Abdullah Al Rajhi / 3.7
2↑ / Abu Dhabi / 5 / +2 / MA Yusuff Ali / 5
4↓ / Jeddah / 3 / 0 / Mohammed Al Amoudi / 7.8
4↓ / Muscat / 3 / +1 / Suhail Bahwan / 3.7
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy
Source: Hurun Research Institute 2018
Biggest Gainers
BR Shetty (75) of NMC Healthcare is the biggest gainer. His wealth has risen 125% to US$3.6bn backed by 88% increase in the UK listed NMC Healthcare. He is an Indian citizen who lives in UAE.
Sunny Varkey(60) of Gem Education is the second biggest gainer of this year with a rise of 87% change in wealth. Since 2013 Gems Education invested US$1bn to build 16 new schools and upgrade infrastructure which helped the company to achieve US$1bn revenue in 2017.
Industry Wise classification of Billionaires
The top performing sector is Retail, Healthcare and Financial Services with 5 billionaires each followed by Real Estate and Investments.
Apart from oil, retail is an active contributor to the GCC’s economic development. Under penetrated retail markets in the GCC countries other than UAE provides attractive opportunities to retailers in the region. Increasing urbanization, growing young population and a higher consumer spending wallet because of low taxes are transforming the retail market in GCC - forecasted to grow to US$300bn by 2021.
The rising prevalence of lifestyle-related diseases in GCC countries encourages private sector participation to build hospitals and upgrade the existing infrastructure offers investment opportunities for the private sector. The GCC healthcare market is projected to grow at a 12% compound annual growth rate (CAGR) to US$71bn by 2020.
Table 4: GCC self-madebillionaires by Industry
Industry / No. of billionaires / Richest Individual / Company1↑ / Retail / 5 / Micky Jagtiani / Landmark
1↑ / Healthcare / 5 / BR Shetty / NMC Healthcare
1- / Financial Services / 5 / Abdullah Al Rajhi / Al Rajhi Banking & Investment
4↓ / Real Estate / 4 / Majid Al Futtaim / Majid Al Futtaim Group
4↓ / Investments / 4 / Mohamed Bin Issa Al Jaber / MBI International
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy
Source: Hurun Research Institute 2018
Interesting facts
- 7 GCC billionaires are from second generation and one from third generation
Table 5: Self-Made Score Card and Percentage of Gulf Self-made billionaires and top countries
Self-Made Scorecard / % of Gulf Self Made billionaires / Top Countries (with %. of Gulf Self-made billionaires) / Example5 / 19% / 1. UAE (71%) / Self-made without parental financial support eg: Mohamed Bin Issa Al Jaber
2. Saudi Arabia (29%)
4 / 81% / 1. UAE (59%) / Self-made, but with a helping hand from parents such as through private education eg: Mohammed Al Amoudi
2. Saudi Arabia (24%)
3. Oman (10%)
Source: Hurun Research Institute 2018
Table 6: HURUN GULF SELF-MADE RICH LIST 2018
Rank / Name / Wealth US$Bn / % change / Main Company / Age / Country of Residence / City of Residence1 / Majid Al Futtaim / 11 / -15% / Majid Al Futtaim / - / UAE / Dubai
2 / Mohammed Al Amoudi / 7.8 / -3% / Corral Petroleum / 71 / Saudi Arabia / Jeddah
3 / Mohamed Bin Issa Al Jaber / 6.2 / 0% / Mbi International / 58 / Saudi Arabia / Jeddah
4 / Micky Jagtiani / 5.5 / 20% / Landmark / 66 / UAE / Dubai
5 / MA Yusuff Ali / 5 / -19% / Lulu / 62 / UAE / Abu Dhabi
6 / Hussain Sajwani / 4.3 / 23% / Damac Properties / 64 / UAE / Dubai
7 / Abdullah Al Rajhi / 3.7 / 6% / Al Rajhi Banking And Investment / 88 / Saudi Arabia / Riyadh
7 / Suhail Bahwan / 3.7 / New / Suhail Bahwan Group / 79 / Oman / Muscat
9 / BR Shetty / 3.6 / 125% / NMC Healthcare / 75 / UAE / Abu Dhabi
10 / Ravi Pillai / 3.5 / 59% / RP Group / 64 / UAE / Dubai
11 / Khalaf Al Habtoor & Family / 3.4 / 0% / Al Habtoor / 67 / UAE / Dubai
12 / Abdulla Al Futtaim / 3.1 / 0% / Al Futtaim / - / UAE / Dubai
13 / Adani Vinodbhai Shantilal / 2.9 / New / Adani Enterprises / - / UAE / Dubai
14 / Sunny Varkey / 2.8 / 87% / Gems Education / 60 / UAE / Dubai
15 / Saeed Bin Butti Al Qebaisi / 2.6 / New / NMC Healthcare / 48 / UAE / Abu Dhabi
16 / Sunil Vaswani / 2 / 0% / Stallion / 54 / UAE / Dubai
17 / Feroz Allana / 1.9 / -30% / IFFCO / - / UAE / Sharjah
18 / Divyank Turakhia / 1.8 / 20% / media.net / 35 / UAE / Dubai
18 / Mahdi Al-Tajir / 1.8 / 0 / Highland Spring / 77 / UK / London
18 / Philip Day / 1.8 / New / Edinburgh Woollen Mills / 52 / UAE / Dubai
21 / PNC Menon / 1.7 / 0% / PNC Investments / 69 / Oman / Muscat
21 / Shamsheer Vayalil / 1.7 / -6% / VPS Healthcare / 41 / UAE / Abu Dhabi
23 / Mohammed Al Barwani / 1.6 / 0% / MR Holding / 66 / Oman / Muscat
23 / Saif Al Ghurair & Family / 1.6 / 0% / Mashreq Bank / 94 / UAE / Dubai
23 / Saleh Kamel / 1.6 / 60% / Al Baraka Bank / 76 / Saudi Arabia / Jeddah
26 / Abdulla Ahmed Al Ghurair & Family / 1.3 / 0 / Mashreq Bank / 63 / UAE / Dubai
26 / Khalifa Bin Butti Al Muhairi / 1.3 / New / NMC Healthcare / 39 / UAE / Abu Dhabi
28 / Faisal Bin Qassim Al Thani / 1.2 / New / Aamal Co. / 70 / Qatar / Doha
28 / Fawaz Alhokair / 1.2 / New / Fawaz Abdulaziz AlHokair / 52 / Saudi Arabia / Riyadh
28 / Mohammed Al Issa & Family / 1.2 / 9% / Savola Group / 93 / Saudi Arabia / Riyadh
28 / Mohammed Serafi / 1.2 / New / Makkah Construction / 86 / Saudi Arabia / Makkah
32 / Salman Al-Hokair / 1.1 / New / Fawaz Abdulaziz AlHokair / 51 / Saudi Arabia / Riyadh
33 / Azad Moopen / 1.0 / 0% / DM Healthcare / 64 / UAE / Dubai
33 / Raghuvinder Kataria / 1.0 / 0% / Kataria / 68 / UAE / Dubai
33 / Sulaiman Al Rajhi & Family / 1.0 / -80% / Al Rajhi Banking And Investment / 89 / Saudi Arabia / Riyadh
33 / Rizwan Sajan / 1.0 / New / Danube / 54 / UAE / Dubai
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